Former Rite Aid - Hemet, CA — Sale in Hemet, CA

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Retail Business
  • Location: Hemet, CA 92544

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Description

42021 East Florida Avenue presents a rare infill investment, owner-user, and redevelopment opportunity featuring a former Rite Aid building totaling approximately 17,340 square feet on 1.55 acres (67,518 square feet). Offered well below replacement cost, the property provides a compelling basis for investors, developers, and owner-users seeking value creation through repositioning, redevelopment, or occupancy. Attractive seller financing is available for qualified purchasers, creating additional acquisition flexibility and enhanced return potential. Constructed in 2008, the property benefits from a highly visible signalized hard corner location at East Florida Avenue and South Meridian Street, with traffic counts exceeding 29,000 vehicles per day. The building features prominent signage opportunities, a functional drive-thru, grade-level loading, 14’-19’ ceiling heights, and 87 parking stalls, making it suitable for a wide variety of retail, medical, service, entertainment, and owner-user uses. Situated within Hemet’s dominant retail corridor, the property is surrounded by more than 2.2 million square feet of national and regional retail, including Target, Home Depot, Lowe’s, WinCo, Sprouts, Stater Bros., Ross, Marshalls, ULTA, Hobby Lobby, and JCPenney. Strong demographics further support the location, with approximately 159,129 residents within a five-mile radius. This is a unique opportunity to acquire a strategically located infill asset with multiple exit strategies, below-replacement-cost pricing, seller financing, and significant long-term upside. Investment Highlights: • Infill Value-Add Opportunity for Sale or Lease: 42021 East Florida Avenue Presents a Significant Infill Value-Add Opportunity Through Repositioning or Redevelopment of a Former Rite Aid Building. • Well Maintained Former Rite Aid Building – Built in 2008: Excellent Positioning With Clear Sight to Both Sides of Building For Signage Ceiling & Height Approximately 14' to 19' • Strong Fundament

Market Context

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